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Business, 01.07.2019 18:30 sabrinarasull1pe6s61
Mackinac corporation, a u. s. corporation, reported total taxable income of $5 million. taxable income included $1.5 million of foreign source taxable income from the company’s branch operations in canada. all of the branch income is foreign branch income. mackinac paid canadian income taxes of $375,000 (as translated) on its branch income. compute mackinac’s allowable foreign tax credit. (enter your answers in dollars and not in millions of dollars.)
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Mackinac corporation, a u. s. corporation, reported total taxable income of $5 million. taxable inco...
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